7 p.m., April 23
Qualcomm Makes Bold Forecast, Stock Zooms
Stock of telecom superstar Qualcomm soared 4.98% today (March 25) as the company forecast better times ahead. Earlier this month, the company had made a positive forecast at its annual meeting. For the quarter ending March 28, Qualcomm will earn between 56 and 58 cents a share. The previous forecast was 49 to 53 cents. Its revenue expectations for the quarter were raised to $2.6 billion to $2.7 billion. Qualcomm sees better business in licensing and chipsets. "Investors were clamoring for a piece of the action," noted Forbes.com. Some 67.25 million shares traded hands. At one point, the stock was up well over 5%, but the overall market went from up triple-digits to about flat. Qualcomm lost a little of the gain, but not much.